Picton agrees Santander loan
Picton has entered into a five-year, £27m revolving credit facility with Santander Bank that will be used in part to meet the repayment of Picton’s 7.25% zero-dividend preference shares, which mature in October 2016. Secured across four assets, the facility has a nominal non-utilisation fee of 70bps, equivalent to £200,000 pa.
Bank lending down 54%
Bank lending to property developers has fallen by 54% in the UK over the past two years, according to funder Saving Stream, from £35.5bn to £14.9bn between April 2014 and April 2016. Alternative investors have filled the gap.
Fund boost for Weston Homes
Weston Homes has restructured its funding facility to extend to 2020 and be increased by £80m. The facility, provided by HSBC, Lloyds Banking Group and Bank of Ireland, now amounts to £200m. Weston Homes said the funding would enable it to evolve as a volume housebuilder.
